Craft breweries increase residential property values

phys.org | 3/26/2019 | Staff
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The craft brewery boom is good for home values. Using Charlotte, North Carolina, as a case study, researchers at the University of Toledo and the University of North Carolina at Charlotte found that craft breweries have a positive impact on residential property values. Condominiums in center-city neighborhoods show a nearly 3 percent increase on sales price after a brewery opened within a half mile. Single family homes in center-city neighborhoods saw a nearly 10 percent increase after a brewery opened within a half mile.

The study, which is published in Growth and Change: A Journal of Urban and Regional Policy, found no significant impacts on commercial property values.

Craft - Brewery - Evening - Afternoon - Weekend

"Being able to walk to a craft brewery in the evening or late afternoon on the weekend is considered a positive amenity that would—for some people—be attractive when looking at a house. There is a different attitude toward a craft brewery. It's perceived differently than a liquor store or bar," said Dr. Neil Reid, professor of geography and planning at the University of Toledo, who is affectionately known as the "Beer Professor."

In Charlotte, a relatively large and growing city with an increasing competition for land and housing, 21 breweries opened between March 2009 and October 2016. For the study, the researchers focused on properties sold between 2002 and 2017 within a half-mile buffer of a brewery, and found that while many areas in close proximity to a craft brewery are associated with relatively higher price premiums even before the opening of the brewery, breweries tend to add to this premium.

Results - Policymakers - Laws - Regulations - Efforts

"These results are informative to policymakers considering revising zoning laws and other regulations in efforts to promote the growth of craft breweries and spur economic development in their local economies," said Dr. Isabelle Nilsson, assistant professor in the Department of Geography and Earth Sciences at...
(Excerpt) Read more at: phys.org
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